Retired climate change consultant Arek Sinanian, 72 years old, almost fell off his chair after learning the cost of a financial plan.

Padua Solutions’ robo-advice generation tool for financial advisers, launched in June 2022, was being used to solve the challenge of cost, time, quality, and client engagement by helping produce simple SOAs and records of advice (ROAs) in minutes.

Data compiled into the ‘Padua Advice Fee Data Report’ for FY22 shows initial advice fees charged by advisers on a per-advice-document basis increased 16 per cent, from $2,859 in FY21 to $3,315 in the past financial year.

Count Financial has approved the latest DIY Advice technology from Padua Solutions for its adviser network, which will reduce the time taken to produce a Record of Advice (ROA) to less than 15 minutes on average, down from an average industry production time of around two to six hours.

Fintech providers have responded to advisers’ comments about their viability as a means to lower the cost of advice, highlighting it can bring down costs without reducing quality and is able to comply with regulatory guidance.

Padua has launched a new robo-advice generation tool designed to “help solve the four key challenges” facing financial advisers. The advice and tech services firm’s new Padua DIY Advice capability aims to reduce the time taken to produce advice and the cost of generating advice, as well as improve the quality and client engagement.

Financial advice and technology services firm Padua Solutions has appointed Rudy Haddad to the newly-created role of head of technical advice, overseeing Padua’s technical capabilities. His appointment followed that of Kun Singh who was appointed to the newly-created role of head of marketing in April.

Average financial advice fees have risen by over 5% in the past six months, according to data collected by Padua Solutions.

Fresh from adding Amaysim’s Peter O’Connell to its capital table, financial advice services and technology company Padua has picked up $9.8 million in its private funding round.

A portfolio of high net worth clients may represent the holy grail for financial advisers, but new data suggests they are a rarer breed than most advisers imagine with many taking their advice from private bankers and other sources.